PNC Posts $2.1 Billion Profit as Quarterly Revenue Slips
PNC reported higher net income and net interest income, while lower noninterest income pulled total revenue down from the prior quarter.
Key takeaways
- PNC reported third-quarter net income of $2,097 million and diluted EPS of $4.97.
- Adjusted diluted EPS was $5.09, while revenue fell 5% from the prior quarter.
PNC reported third-quarter net income of $2,097 million, up from $2,055 million in the previous quarter. Diluted earnings per share were $4.97, or $5.09 excluding integration costs and significant items, the bank said.
Revenue fell 5% from the second quarter to $6.6 billion. Net interest income rose 2% to $4.2 billion, but noninterest income declined 15% to $2,356 million, partly because of lower capital markets and advisory revenue.
Average loans increased 2% from the previous quarter to $372.2 billion, while average deposits rose 1% to $461.2 billion. Noninterest expenses fell 8%; excluding integration costs and significant items, they declined 3%.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
